Why you should commence your Feltham lease extension

Top reasons for lease extension now:

A Feltham leasehold property depreciates with the years remaining on the lease.

Feltham leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Feltham tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Feltham you must investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold residencies in Feltham with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to finance a property with a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to experience difficulties if you want to sell your flat in Feltham if the unexpired lease term is under the criteria set by most banks and building societies. Different mortgage companies have varying requirements but on the whole theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Feltham?

Lease extensions in Feltham can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Feltham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Feltham Lease Extension Case Studies:

Isabella, Feltham, West London,

Off the back of lengthy discussions with the landlord of her ground floor flat in Feltham, Isabella started the lease extension process as the 80 year mark was quickly approaching. The lease extension was concluded in September 2015. The landlord’s costs were restricted to less than five hundred GBP.

Feltham case:

In 2009 we were contacted by Mrs Morgan López who, having owned a studio apartment in Feltham in August 2010. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable properties in Feltham with a long lease were worth £210,600. The average amount of ground rent was £45 collected every twelve months. The lease lapsed in 2088. Considering the 62 years outstanding we approximated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 not including legals.